MINNEAPOLIS (WJON News) -- A Maple Grove man has been charged with defrauding investors as part of a $10 million scheme.

The U.S. Attorney's Office says 50-year-old Aditya Sharma has been charged with four counts of wire fraud and two counts of bank fraud. Court records show in 2015 Sharma founded Crosscode Inc., a cloud-based software development company, first headquartered in Maple Grove, and later moved to California.

According to the documents, Sharma served as the CEO and president of the company, its controlling shareholder, and often its only employee. Records show between 2017 and 2019, Sharma misled investors, financial institutions, and lending companies.

According to court records, he adjusted and inflated the company's financial records to convince the investors to extend capital to him when his company was actually in debt with little to no revenue or cash on hand.

Court documents show Sharma convinced one institution to give him a $950,000 line of credit, and convinced at least 150 other investors, including some Minnesotans, to give nearly $9.25 million to his company.

He will make his next court appearance at a later date.

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